Over the past few days, $BTC has been stable at the $57,500–$58,500 support level, but the general mood of the market is still negative. Although there has been a brief period of stability, the overall pattern indicates that the recession may not be finished.
This ambiguity can be seen in the daily chart, as $BTC is unable to break above significant resistance levels. This implies that investors should continue to exercise prudence.The monthly graphic gives a better overview of the difficulties that lie ahead.
There appears to be a significant bearish momentum that suggests a possible downturn in the upcoming months. This ought to be a red flag for traders, both future and spot. Strategic planning is necessary because there is a chance that decreases will continue.
If $BTC reaches the $62,000-$63,000 range, it may be a good idea for SPOT traders to sell because this level may act as resistance. This range may potentially present a chance for future traders to enter short bets.
However, there may be a potential for a rebound if Bitcoin falls to $51,000. However, traders should hold off on taking any action until they have evidence of a reversal.
To sum up, given the state of the market, caution is advised. Both daily and monthly charts are dominated by negative trends, so investors should carefully evaluate their plans, pay special attention to important price levels, and wait for unambiguous signs before acting.
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